Will Holmes take a pay cut?

One of the mini-dramas that will play out over the next few days is the status of WR Santonio Holmes, who was approached by the team more than a week ago to re-work his contract. The two sides are still talking, according to a source, with the Jets insisting that he reduce his $11 million base salary. The team needs the cap space as it heads into free agency.

This should be interesting.

It's a bit complicated because Holmes is guaranteed $7.5 million whether he's on the team or not, but there's language in his contract that prevents him from exceeding $7.5 million if he's released. In other words, if he signs elsewhere for $3 million in 2013, the Jets are on the hook for only $4.5 million. He can't "double dip."

Assuming the Jets are offering more than $7.5 million for '13, it pays for Holmes to take the cut and stay put -- unless he's willing to sacrifice some money to start fresh and try to land with a contender. New GM John Idzik is known for his cap/negotiating acumen; let's see how he plays this one. It's hard to imagine Woody Johnson eating that much money. Plus, Holmes is their best receiving threat, although he's coming off a complicated foot surgery.